Pennsylania Governor Edward G. Rendell annouced that financial management fund TRF has committed $36 million dollars in matching funds to the state’s Green Energy Revolving Loan Fund, and the firm will manage the fund.
The federal Recovery Act will provide $12 million to the state for the Green Energy Revolving Loan Fund, but it required any firm applying to manage to provide a minimum match of $18 million in private funds. TRF committed to investing $36 million, which will allow for a $48 million pool of funds in the loan program.
The new revolving loan fund will supply necessary capital for developing energy-saving and renewable energy projects in existing, non-residential buildings throughout Pennsylvania. The projects must cut an entire facility’s energy consumption by at least 25% or develop and install technologies on-site that produce electricity from renewable resources.
The funding is expected to help support 500 renewable energy jobs on projects that will reduce energy consumption by nearly 800 billion British Thermal Units of energy, or enough to power more than 23,000 average homes in Pennsylvania for one year.
California Commits $90 Million to Clean Energy Manufacturing
The California Energy Commission announced $90 million to boost manufacturing in the clean energy sector.
The Clean Energy Manufacturing Program will combine two programs that offer California-based clean energy businesses a combination of financing options including grants, loans, loan guarantees, tax-exempt financing, production incentives, sales tax incentives and credit enhancements.
The Clean Energy Business Financing Program uses the remaining American Recovery and Reinvestment Act State Energy Program funds to provide $30.6 million in low-interest loans to private businesses that improve or expand their energy efficiency or renewable energy manufacturing facilities in California. The Energy Commission received $226 million under the State Energy Program to implement public and private sector programs.
The second program, the Energy Commission’s existing Alternative and Renewable Fuel and Vehicle Technology Program, offers $59.5 million in state funding to companies developing alternative and renewable fuels and advanced transportation technologies.
The Clean Energy Business Financing Program is in the final stages of development and the Energy Commission expects low-interest loans to be available by late spring. The Alternative and Renewable Fuel and Vehicle Technology Program provides funding in four areas for 2010: Biomethane Production ($21.5 million), Ethanol Production Incentives ($6 million), Vehicle and Component Manufacturing ($19 million), and Advanced Biofuel Production ($13 million). The Biomethane Production solicitation notice of award will be announced in March. The remaining three solicitations will be released in April/May 2010.
"California’s manufacturing base has eroded 32 percent since 2001, a loss of over 600,000 manufacturing jobs," said California Energy Commission Chairman Karen Douglas. "In these challenging fiscal times, clean energy products development has become an economic bright spot. Unfortunately, many energy businesses find it difficult to raise the capital required to produce new energy efficiency and renewable energy products and technologies, to create alternative and renewable fuels, and to build new vehicles and vehicle components."
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